Ellington Credit (NYSE:EARN) Posts Earnings Results, Misses Expectations By $0.01 EPS

Ellington Credit (NYSE:EARN) announced its earnings results on Tuesday. The real estate investment trust reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01), Zacks reports. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The business had revenue of $9.25 million during the quarter, compared to analysts’ expectations of $10.35 million. During the same period in the previous year, the company posted $0.27 earnings per share.

Ellington Credit Trading Down 0.5%

Shares of Ellington Credit stock opened at $5.59 on Wednesday. Ellington Credit has a 12-month low of $4.33 and a 12-month high of $7.26. The stock has a market cap of $209.95 million, a PE ratio of 4.99 and a beta of 1.31. The company has a 50-day moving average of $5.39 and a two-hundred day moving average of $6.16.

Ellington Credit Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, May 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.96 dividend on an annualized basis and a yield of 17.17%. Ellington Credit’s dividend payout ratio (DPR) is presently 320.00%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. StockNews.com cut shares of Ellington Credit from a “hold” rating to a “sell” rating in a report on Friday, May 16th. UBS Group cut their price target on shares of Ellington Credit from $6.50 to $5.25 and set a “neutral” rating for the company in a report on Thursday, April 17th. Finally, Piper Sandler cut their price target on shares of Ellington Credit from $8.00 to $6.50 and set an “overweight” rating for the company in a report on Tuesday, April 8th.

Insider Buying and Selling at Ellington Credit

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of the stock in a transaction dated Wednesday, April 9th. The shares were acquired at an average cost of $4.73 per share, for a total transaction of $37,840.00. Following the completion of the transaction, the portfolio manager now directly owns 18,000 shares of the company’s stock, valued at $85,140. This trade represents a 80.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Ellington Credit

Several large investors have recently modified their holdings of the business. Jane Street Group LLC grew its position in shares of Ellington Credit by 415.4% in the first quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust’s stock valued at $2,055,000 after purchasing an additional 306,192 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Ellington Credit by 56.6% during the first quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust’s stock worth $686,000 after acquiring an additional 45,845 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Ellington Credit by 485.8% during the first quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust’s stock worth $5,044,000 after acquiring an additional 773,169 shares during the last quarter. 20.40% of the stock is currently owned by institutional investors and hedge funds.

Ellington Credit Company Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.